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The Systems and Mechanisms of the European Central Bank and National Central Banks

In: European Central Banking Law

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  • Christos V. Gortsos

    (National and Kapodistrian University of Athens)

Abstract

This chapter discusses the institutional aspects governing the systems and mechanisms participated in by the European Central Bank (ECB) and the national central banks (NCBs). The first section elaborates on the composition and legal nature of the European System of Central Banks (ESCB) and the Eurosystem, the objectives, tasks and financial provisions of the ESCB, as well as the role of national central banks therein. The second section presents (in more detail than in Chap. 4) the Single Supervisory Mechanism (SSM), with an emphasis on its two components, while the third briefly discusses the Single Resolution Mechanism (in particular with regard to aspects of relevance to the ECB) and, then the fourth analyses the two components of the European System of Financial Supervision (ESFS), that is the European Banking Authority (EBA) and the European Systemic Risk Board, with specific reference to the SSM as part thereof. Appendix of this chapter contains an analysis of the role of the EBA in the making of European banking (and, in general, financial) law.

Suggested Citation

  • Christos V. Gortsos, 2020. "The Systems and Mechanisms of the European Central Bank and National Central Banks," Palgrave Macmillan Studies in Banking and Financial Institutions, in: European Central Banking Law, chapter 0, pages 185-243, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-3-030-34564-8_5
    DOI: 10.1007/978-3-030-34564-8_5
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